Immofinanz rental income down slightly in fiscal year 2013/14

Newsroom 04/08/2014 | 17:33

Immofinanz posted rental income of EUR 47.1 million from its properties in Romania, in the fiscal year ended April 30, down 2.3 percent year on year

“At the end of fiscal year 2013/14, rental income decreased slightly, to EUR 47.9 million (compared to the previous period when they totaled EUR 49.5 million) and represent 9.5 percent of total rental income for the group. Operational results in Romania are EUR 25.7 million (compared to EUR 23 million) and represent 8.1 percent of total Immofinanz Group operational results”, according to a press release from the company.

The fund’s standing properties in Romania represent 13.5 percent of the company’s total portfolio, valued at EUR 695 million at the end of April 2014. More than half of the fund’s portfolio in Romania is made of office buildings: 9 office buildings, five properties in retail and three logistical properties.

“Our objectives is to intensify activities and to generate solid income. On April 30 2014, development projects currently in construction had a post-finalizing value of EUR 773.2 million. We expect this value to increase to EUR 2 billion in the medium-term, as we focus on Germany, Poland, Russia and Romania”, according to the financial report of the company.